Vlad on Nostr: Gm, my girlfriend made me fruit cake đ° So now let me tell you about last nightâs ...
Gm, my girlfriend made me fruit cake đ°
So now let me tell you about last nightâs nightmare đ
Originally, the Bitcoin maximalist thesis could be described as âone coin to rule them allâ. Everything interesting which has market demand was supposed to come home to Bitcoin.
Until a bunch of high priests created a defeatist & contradictory dichotomy that simultaneously says âeverything that is not on Bitcoin is a shitcoinâ and âyou should only use Bitcoin like this, everything else is shitcoineryâ.
So they nurtured a culture of stagnation, where anyone trying to create innovative ways to use Bitcoin would get bullied into giving up.
âBitcoin is for everyone. Itâs permissionless!â, they would say. But the moment someone built a non-monetary use case or some layer 2 that has a native token (like Counterparty), they would call him a shitcoiner and tell them to leave.
Thatâs why some people built other networks outside of the Bitcoin ecosystem, to only suit these non-monetary use cases. They took the load off of Bitcoin, so that it can become focused on payments.
But these guys were vilified to a much greater extent. âTheyâre shitcoiners, they create monetary inflation with premined tokens that arenât even sound moneyâ.
But wait, nobody ever claimed this would be sound money, itâs just the native currency that incentivizes participation.
âREEEEE, thatâs a shitcoin. It will go to 0!â
Alright, so a bunch of very smart people brought these features to Bitcoin. Now all this economic activity can pay the Bitcoin miners and effectively increase demand for the BTC token.
âNooooo, youâre a shitcoiner, donât spray graffiti on the timechain! Bitcoin is only for these types of transactions, not for those! But if anyone asks, itâs still inclusive and permissionless!â
Fine, then why donât you pay the miners just like the people you call shitcoiners do? Pay for the security of your savings if you care so much about the long-term sustainability of the Bitcoin project.
âIâm only HODLing you shitcoiner, the only on-chain transaction I ever do is to withdraw from Swan to my Coldcard. I donât want to have another pizza event now, 15 years into Bitcoinâs existence, when the price is $70k and Blackrock is buying our bags!â
Alright, so whoâs gonna pay the miners?
âMiners shouldnât get paid more, itâs a race to the bottom in which only the strongest survive. 3.125 BTC is not enough for you? Thatâs enough to buy a citadel after hyperbitcoinization. If pussy miners sell, they have no conviction and no skin in the game. Just HODL!â
How about BIP300, though? Every interesting use case becomes a Bitcoin sidechain, so all the innovation gets easily drained and appropriated by BTC.
âI only agree with soft forks that ger proposed by Blockstream or Ocean Mining!â
Hunky dory, did you know that Blockstream CEO Adam Back publicly stated that he likes Drivechains and believes they could have been a much more usef upgrade than Taproot? Also, Luke Dashjr worked on the BIP300 proposal to bring improvements, declared himself neutral on the matter.
âREEEEE, your truth collides with my narrative, blocked!â
Thatâs when I woke up. What a shitty nightmare!
So now let me tell you about last nightâs nightmare đ
Originally, the Bitcoin maximalist thesis could be described as âone coin to rule them allâ. Everything interesting which has market demand was supposed to come home to Bitcoin.
Until a bunch of high priests created a defeatist & contradictory dichotomy that simultaneously says âeverything that is not on Bitcoin is a shitcoinâ and âyou should only use Bitcoin like this, everything else is shitcoineryâ.
So they nurtured a culture of stagnation, where anyone trying to create innovative ways to use Bitcoin would get bullied into giving up.
âBitcoin is for everyone. Itâs permissionless!â, they would say. But the moment someone built a non-monetary use case or some layer 2 that has a native token (like Counterparty), they would call him a shitcoiner and tell them to leave.
Thatâs why some people built other networks outside of the Bitcoin ecosystem, to only suit these non-monetary use cases. They took the load off of Bitcoin, so that it can become focused on payments.
But these guys were vilified to a much greater extent. âTheyâre shitcoiners, they create monetary inflation with premined tokens that arenât even sound moneyâ.
But wait, nobody ever claimed this would be sound money, itâs just the native currency that incentivizes participation.
âREEEEE, thatâs a shitcoin. It will go to 0!â
Alright, so a bunch of very smart people brought these features to Bitcoin. Now all this economic activity can pay the Bitcoin miners and effectively increase demand for the BTC token.
âNooooo, youâre a shitcoiner, donât spray graffiti on the timechain! Bitcoin is only for these types of transactions, not for those! But if anyone asks, itâs still inclusive and permissionless!â
Fine, then why donât you pay the miners just like the people you call shitcoiners do? Pay for the security of your savings if you care so much about the long-term sustainability of the Bitcoin project.
âIâm only HODLing you shitcoiner, the only on-chain transaction I ever do is to withdraw from Swan to my Coldcard. I donât want to have another pizza event now, 15 years into Bitcoinâs existence, when the price is $70k and Blackrock is buying our bags!â
Alright, so whoâs gonna pay the miners?
âMiners shouldnât get paid more, itâs a race to the bottom in which only the strongest survive. 3.125 BTC is not enough for you? Thatâs enough to buy a citadel after hyperbitcoinization. If pussy miners sell, they have no conviction and no skin in the game. Just HODL!â
How about BIP300, though? Every interesting use case becomes a Bitcoin sidechain, so all the innovation gets easily drained and appropriated by BTC.
âI only agree with soft forks that ger proposed by Blockstream or Ocean Mining!â
Hunky dory, did you know that Blockstream CEO Adam Back publicly stated that he likes Drivechains and believes they could have been a much more usef upgrade than Taproot? Also, Luke Dashjr worked on the BIP300 proposal to bring improvements, declared himself neutral on the matter.
âREEEEE, your truth collides with my narrative, blocked!â
Thatâs when I woke up. What a shitty nightmare!